(The Philippine Star) Updated October
29, 2012 12:00 AM
SINGAPORE – Jones Lang La Salle has
successfully advised on the sale of the Fairmont Hotel and Raffles Suites &
Residences Makati development to Ayala Land Hotels and Resorts Corp., a wholly
owned subsidiary of Philippines-based Ayala Land Inc. (ALI). Jones Lang La
Salle hotels acted on behalf of the vendor, Saudi-owned Kingdom Hotel
Investments (KHI).
Located within the Makati City central
business district, the property enjoys a sought after corner position with
spectacular views of the city and Manila Bay. Scheduled to open in December
2012, the property will be one of the country’s finest hotels, offering a
280-room Fairmont Hotel, a 32-shite Raffles Hotel, 237 luxury Raffles
Residences as well as eight food and beverage outlets, two outdoor swimming
pools, a spa and fitness center and more than 1,100 sqm of designated event
space.
Scott Hetherington, chief executive
officer Asia, Jones Lang La Salle Hotels said: “This milestone transaction in
the Philippines underpins the strength of investor appetite that exists for
well-located, internationally-branded assets around the region. The sale also
signals the exceptional return opportunities available to investors in growth
markets such as the Philippines, which enjoys a well diversified and growing
tourist base of high spending travelers.”
Jones Lang La Salle Philippines
Country head David Leechiu adds, “This transaction is the beginning of
significant investor interest in hotels and hospitality, complementing keen
interest in real estate as a whole. We are anticipating a boom in our tourism
sector and Jones Lang La Salle is well placed to capitalized on this growth by
drawing on its global knowledge base and local expertise to assist existing
owners, buyers and sellers.”
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